Funding and Fiscal Operations

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One of the important duties that an Administrator performs is that of managing and reporting library revenues and expenditures. Financial reports that provide a transparent review of the use of public funds is not only good business practice but many reports are required by Kentucky statute

In the 2013 Regular Session of the Kentucky Legislature, House Bill 1 was passed and signed into law. The requirements of this Bill went into effect on
January 1, 2014. The information provided here is an overview of the reporting requirements as revised by the new laws.

Annually complete the DLG Registration and Board Reporting Form [SPGE 100] through the online system by
July 15. Libraries should update the form throughout the fiscal year as needed.

Make a payment of an annual registration fee to the DLG after completion of registration form through the online system by credit card, debit card, or electronic check (bank draft) by July 15.

Provide, depending on the library’s annual revenues and expenditures, an annual audit or attestation engagement prepared by a CPA or APA within the 12 months of the close of the fiscal year, or
June 30 of the next calendar year, and submit it to the DLG within 15 days of receipt.a. Libraries that receive or expend
less than $100,000 in a fiscal year must provide an attestation engagement every 4 years.b. Libraries that receive or expend
$100,000-$499,999 in a fiscal year must provide an audit every 4 years.c. Libraries that receive or expend
$500,000 or more in a fiscal year are required to submit an audit every year.

Provide an annual financial statement prepared by the library or a CPA and publish the location where the adopted budget, financial statements, and most recent audit or attestation engagement may be examined by the public by
September 1, in compliance with
KRS Ch. 424.

Post the “Year End Actuals” electronically through the DLG online reporting system [SPGE 101] by
September 1 each year.